Capital France Hotel, a hotel investment vehicle managed by Schroder Real Estate Hotels, has completed the acquisition of the Radisson Blu Astrid Hotel and the Park Inn by Radisson Hotel, both located in front of the main train station of Antwerp, Belgium.
Financial details of the off-market transaction were not disclosed.
The vendor was New York-based investment firm KKR, which acquired both properties in June 2015 through its Real Estate Partners Europe fund. Schroders has been asset-managing the hotels, including a significant refurbishment programme.
The Radisson Blu Astrid Hotel has recently benefitted from an €11 mln capex injection over three-years to upgrade both the bedrooms and common areas, as well as the transformation of its former aquarium into a chocolate museum.
Frédéric de Brem, Head of Schroder Real Estate Hotels said: 'After four years of a strong relationship with KKR where we executed a major refurbishment programme and a repositioning of the Radisson, we are very happy to see these two assets joining the collection of strategic properties owned in Europe by Capital France Hotel.
'It underlines the quality of the asset management done by our team and allows us to remain as an asset manager, contributing to the on-going repositioning of the Radisson Blu Astrid.'
Capital France Hotel already owns several hotels across Europe, including The Pullman Bercy Paris, the Westin Palace Milan, the Westin Regina Venice, the Radisson Paris Boulogne and the Marriott Monaco Cap d’Ail.
The two hotels are operated by Rezidor under the Radisson and Park Inn brands and will continue to be managed by Schroder Real Estate Hotels.
'We are pleased to have worked alongside Schroders to execute our business plan successfully and develop these assets into leading hotels in Antwerp, making the most of positive trends in the business and leisure sectors,' said Guillaume Cassou, member and head of European Real Estate at KKR.
'This continues our strategy of investing in leading assets in cities and markets around Europe which are set to benefit from structural growth trends.'
The seller was advised by Loyens & Loeff, PWC and Eastdil Secured.
The buyers have been advised by Depardieu, Lidekerke and Mazars.
